by Mary Bryan Fields

istock_000007625217xsmallConsumers who purchase a home in the right location can move in with  no down payment.   The U.S. Department of Agriculture offers 100% Loan-to-Value financing through its Rural Development Guaranteed Housing  Program!  Rural” brings to mind homes miles from towns and cities; however, portions of Glynn County and most of the surrounding counties  are eligible for loans under this program.  For example, the homes of  Planting Hammock, marketed by Hodnett Cooper Real Estate qualify for  100% USDA financing programs.  With homes starting at $130,000 and  interest rates below 5 1/2%, home ownership at Planting Hammock is  surprisingly affordable.

The Wall Street Journal’s recent article (linked here) explains  how consumers can purchase a home with no down payment and without  purchasing private mortgage insurance. One such program is 502 “Guaranteed Single Family Housing.”  In this program, interest rates  are fixed over the 30 year term.  The program is available for  qualifying home buyers, not just first time homebuyers, and does not  include any upper loan limits.  The loan amount is based on the  borrower’s qualifications.

Another program includes subsidized payments based on interest rates  as low as 1%.  While each county has its own loan limits (Glynn  County, for example, has a loan limit of $150,000), consumers whose  incomes fall in the low to very low category may use this loan to  purchase a home.

If you would like more information about USDA 100% financing programs,  contact Hodnett Cooper Real Estate at 888-HODNETT.

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